$how me the money! a real conversation about post- baccalaureate graduate options

$how Me The $how Me The Money!Money!

$how Me The $how Me The Money!Money!

A Real Conversation About Post-A Real Conversation About Post-Baccalaureate Graduate OptionsBaccalaureate Graduate OptionsA Real Conversation About Post-A Real Conversation About Post-Baccalaureate Graduate OptionsBaccalaureate Graduate Options

WHAT ARE THE DIFFERENCES?Earnings In 2006

WHAT ARE THE DIFFERENCES?Earnings In 2006

High School College Grad

All Persons 25 to 34 $28,982 $48,256

BS MA MD/JD PhD

25 to 34yo 48k 55k 81k 74k

All Persons 59k 70k 121k 96k

(U.S. Census Bureau 2007, Bureau of Labor Statistics 2007, NSCG 2000)

Major BS Job Professional Ph.D.

Chemistry/Biology 36k 114k (MD) 60k

Economics 40k 82k (MBA) 76k

Engineering 45k 62k (MS) 73k

Sociology/Political Sc. 34k 52k (JD) 56k

(U.S. Census Bureau 2006, Bureau of Labor Statistics 2006, NSCG 2000)(U.S. Census Bureau 2006, Bureau of Labor Statistics 2006, NSCG 2000)

What’s The “Starting” Income For What’s The “Starting” Income For People With Various Degrees?!People With Various Degrees?!


Public/GovtPublic/Govt ($40k) to Private Practice ($80k)($40k) to Private Practice ($80k)

Let’s Not Forget Lifestyle Let’s Not Forget Lifestyle DifferencesDifferences

Let’s Not Forget Lifestyle Let’s Not Forget Lifestyle DifferencesDifferences

S M T W R F S T

Me (PhD) 0 0 3 2 3 0 0 8

Duane (JD) 0 8 8 8 8 8 0 40

Kelli (MD) 0 10 10 10 10 10 12 62

J F M A M J J A S O N D T

Me (PhD) 3 4 3 5 0 0 0 1 5 4 3 2 30

Duane (JD) 5 4 4 5 4 3 4 2 5 4 4 3 48

Kelli (MD) 5 4 4 5 4 3 4 2 5 4 4 3 48

Weeks In The Office Each YearWeeks In The Office Each Year

Hours In The Office Each WeekHours In The Office Each Week

J F M A M J J A S O N D T

Me (PhD) 0 0 0 0 0 0 0 0 0 0 0 0 0

Duane (JD) 5 4 4 5 4 3 4 2 5 4 4 3 48

Kelli (MD) 5 4 4 5 4 3 4 2 5 4 4 3 48

What’s The “Starting” Income For What’s The “Starting” Income For People People With Various DegreesWith Various Degrees?!?!







throw in summer salary . . .throw in summer salary . . .








throw in summer salary, and a $60 book . . .throw in summer salary, and a $60 book . . .








throw in summer salary, and a $60 book, and throw in summer salary, and a $60 book, and consulting fees . . .consulting fees . . .








throw in summer salary, and a $60 book, and throw in summer salary, and a $60 book, and consulting fees, and a research grant . . .consulting fees, and a research grant . . .

throw in summer salary, and a $60 book, and throw in summer salary, and a $60 book, and consulting fees, and a research grant, and 2-3 consulting fees, and a research grant, and 2-3 invited talks.invited talks.








Major Physician (MD) Asst. Prof (PhD)

Biology 114k 92k

What’s The Difference Between The What’s The Difference Between The M.D. and The Ph.D. “Starting” M.D. and The Ph.D. “Starting” Income For Biology Majors?!Income For Biology Majors?!


20 Years 20 Years EducationEducation


Major Resident (MD) Asst. Prof (PhD)

Biology 44k 92k



Residencies last from 3-5 years after receipt of the Residencies last from 3-5 years after receipt of the degree. Year one is $44k and year five is $54k.degree. Year one is $44k and year five is $54k.



Average Work Average Work WeekWeek

51-80 hours51-80 hours 20-51 hours20-51 hours% with no debt% with no debt 13%13% 42%42%Tuition ExpensesTuition Expenses $31-33k$31-33k WaivedWaivedAverage DebtAverage Debt $130,571$130,571 $36,917$36,917Insurance PremiumsInsurance Premiums $12k to 57k$12k to 57k $0k$0k

Major Physician Y1 Asst. Prof Y4

Biology 154k* 104k

*Internal Medicine

Average Work Average Work WeekWeek

51-80 hours51-80 hours 20-51 hours20-51 hours% with no debt% with no debt 13%13% 42%42%Tuition ExpensesTuition Expenses $31-33k$31-33k WaivedWaivedAverage DebtAverage Debt $130,571$130,571 $36,917$36,917Insurance PremiumsInsurance Premiums $12k to 57k$12k to 57k $0k$0k

Major Physician Y1 Assoc. Prof Y5

Biology 154k* 130k

*Internal Medicine

Why I Love Having A PhD!!Why I Love Having A PhD!!Why I Love Having A PhD!!Why I Love Having A PhD!!

$how me the money! a real conversation about post- baccalaureate graduate options

Documents

starting income

majorbs job professional

34k52k jd88k slide

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summer salary

34k52k jd68k